[The following information applies to the questions displayed below.) The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company, Nelson company uses a perpetual Inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 3,350 12,500 5,600 2,600 42,800 $ 17,200 16,000 15,600 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable 3. Nelson, Capital J. Nelson, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense office salaries expense Insurance expense Rent expense-Selling space Rent expense-office space 2,050 115,150 2,100 2,050 38,000 13,150 13,150 3,500 8.500 ch O n=con&external browser=0&launch Urlahttps%253A%252F%252Fnewconne ter Review 5-6 ved 3 Curacao Store Supplies expense Advertising expense Totals 9,000 $163, 350 $163, 356 of 2 Additional Information: a. Store supplies still available at fiscal year-end amount to $2.200. b. Expired Insurance, an administrative expense, for the fiscal year is $1.550. c. Depreciation expense on store equipment, a selling expense, Is $1,600 for the fiscal year d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10.300 of inventory is still available at fiscal year-end. pped Book Problem 5-5A Part 1, 2 and 3 rences Required: 1. Using the above information prepare adjusting journal entries. 2. Prepare a multiple-step income statement for the year ended January 31 3. Prepare a single-step income statement for the year ended January 31, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a multiple step Income statement for the year ended January 31, Next >